Buying a single-family home in Vancouver is becoming an increasingly unlikely proposition for many local families, according to one expert.
B.C. Assessment released its roll of property values for 2012 Tuesday, marking 10 to 25 per cent increases for single-family dwellings within the City of Vancouver.
The average value of a single-family 50-foot lot in the West Side is now $1,645,000, up from $1,189,000 last year.
The average value of a 33-foot lot in the East Side rose to $1,031,000 from $816,000.
“That’s wonderful news if you own a home and terrible news if you are looking to buy (in Vancouver),” said developer and real estate consultant Michael Geller. “As long as markets are attractive to mainland Chinese buyers and other internationals, it’s getting to the point most local buyers are going to have a hard time buying in the city.”
The average value of a two-bedroom apartment in downtown Vancouver has also jumped to $610,000 from $542,000.
The total value of real estate in the province increased by 6.42 per cent to $1.1 trillion.
Assessments have been mailed out to homeowners, and can also be looked up at bcassessment.ca.
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